If the NBA ever returns to Seattle, there could be a shiny new arena waiting.

The city of Seattle and Los Angeles-based Oak View Group agreed to a $600 million renovation of KeyArena and construction could begin next year.

The Memorandum of Understanding (MOU) was formally submitted to the Seattle City Council on Tuesday morning in the Select Committee for Civic Arenas. The city council is expected to vote on the MOU by the end of the year.

"The completion of the MOU provides a level of certainty that Seattle has never had before, and OVG, the City Council, elected officials and the residents of Seattle, must now turn our attention to the NHL and NBA and make it undeniably clear that we are more than ready for them to come to Seattle," OVG co-founder and CEO TIm Leiweke said in a statement.

One thing that could hold things up is that the agreement was made with mayor Ed Murray, who abruptly resigned Tuesday amid multiple sexual abuse allegations. Murray was scheduled to make a formal announcement of the agreement during a Tuesday press conference that was canceled.

In addition to the $600 million renovation of KeyArena, OVG would also commit $40 million to improve traffic, transportation and parking around Seattle Center and another $20 million for a community fund.

Seattle would be a favorite to land a team if the NBA were to expand, something commissioner Adam Silver has said is inevitable. But an NBA spokesman told Seattle television King5 the "NBA is not involved in the ongoing Seattle arena process, and we have no plans to expand at this time."

KeyArena was home to the NBA's SuperSonics for 33 of the franchise's 41 years in Seattle before Clay Bennett's investment group bought the team from Starbucks CEO Howard Schultz in 2006 and moved the team to Oklahoma City in 2008. The 17,000-seat arena played host to a day of Big3 basketball games last month.

TSN reported that OVG has lined up investors for a potential hockey team is the NHL were to expand beyond its current 31-team membership. Those investors include billionaire David Bonderman and filmmaker Jerry Bruckheimer, who would be the lead owners for a potential NHL franchise.

"One of the principles that we had was that the city would never go backwards as far as its ability to maintain the revenues that we receive through operation of Key­Arena going forward," Brian Surratt, head of the city’s Office of Economic Development, said, via the Seattle Times. “And that we would be partners, moving forward, in any deal as well."